Smart onboarding simplifies data sharing
with external companies
through banking consent,
ensuring security and simplicity.
In the ever-changing environment of the banking industry, innovation has become a key element in remaining competitive and meeting the growing needs of customers. One area where innovation has shown particular focus is the end-customer onboarding process.
Companies today must interact with a wide range of third-party corporate portals to handle sensitive operations such as sharing user data, accessing financial services, and more. The traditional onboarding process could be complicated and time-consuming, prompting many companies to look for more efficient solutions.
For this aim, the concept of Smart Onboarding was introduced, a process that is engaged when a user, browsing on a third-party site (e.g., energy contracting company) decides to enter into a contract with the latter, allowing him or her to give consent to share his or her personal data directly from his or her Internet Banking. This procedure avoids the step of entering one's data into the contract form.
The "Smart Onboarding" approach offers a number of key benefits, including:
1) Efficiency: reduced onboarding time through automated and streamlined processes;
2) Security: implementation of advanced security protocols to protect sensitive data during the onboarding process;
3) Regulatory compliance: ensuring compliance with regulations and security standards;
4) User friendly: ability for users to proceed directly from their internet banking;
5) Control: greater control and visibility during the onboarding process.
The user, after selecting his bank, will be redirected to its site, will log in, and will be able to view the information necessary for the third party to enter into the contract. After confirming his or her consent, this information will be shared directly with the relevant third party, with the guarantee of having acquired data that has already been verified.
All the various steps in the process are managed centrally thanks to APIs provided by the IAM (which holds ownership of the required consent and the data related to it) and the CBI (a consortium that is in charge of making the various parties involved talk to each other).
The IAM's APIs make it possible to identify the consent granted by the user, through the use of unique codes, and take care of managing the information linked to it. The CBI API, on the other hand, deals mainly with setting a uniform communication standard and managing the passing of information between contractors.
"Smart Onboarding" represents a valid example of how sharing data by users with third-party companies can be made simple and intuitive, always maintaining the focus on the security and integrity of the shared data. This strategy is becoming increasingly popular in recent years, driven by the digitalization of all bureaucratic processes. In fact, more and more banks are joining the initiative and are adapting their internet banking to allow their users to use this onboarding method. In this panorama, Technology Financial Services confirms itself as a protagonist, having demonstrated its ability to manage the entire development of the end-to-end process relating to "Smart Onboarding" for one of the first participating banks.